From the analyst’s chart, Bitcoin is projected to reach $150,000 by the end of this year and $800,000 by 2025. Bitcoin reaching $800,000 by next year translates to an increase of more than 10 times its current price. PlanB acknowledged that this Bitcoin price prediction sounds unreal but claims 800K would be in line with the best fitting, highest R2, historical data model.
However, PlanB highlighted hacks, scams, defaults, forks and crackdowns as risks that could interfere with this bullish forecast for Bitcoin. Jeroen Blokland, founder of the Blokland Smart Multi-Asset Fund, commented that Bitcoin at $0.8 million means a market cap close to that of gold.
As disclosed in an earlier U.Today report, PlanB says Bitcoin will continue to see accumulation from investors in 2024-2025. If this analogy continues, the analyst’s Bitcoin prediction could come to pass.
Another key factor that could push Bitcoin’s price higher is increased adoption from institutional players through spot Bitcoin ETF products.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
